Nozha Group CEO Abdallah Al Maghraby said his company is eyeing investments worth about EGP 3 bn in touristic and real estate projects in Cairo as well as Ras Sudr in Southern Sinai, Invest-Gate reports.

The investment company’s new projects will be operated by top international corporations specialized in managing touristic resorts and facilities, the CEO said in a released statement.

In the statement, Nozha Group also announced that it organized on October 18 a ceremony for the signing of a partnership agreement between Nozha Beach, one of the group’s companies, and TIME Hotels Management to manage Time Nozha Beach Hotel and Resort in Ras Sudr.

The collaboration aims to achieve a “quantum leap in the approach of managing hotels and resorts in Egypt,” via promoting tourism in Egypt as well as turning Ras Sudr into a favored touristic destination that lures investments, Al Maghraby underlined.

In Ras Sudr only, Nozha Group has injected direct investments exceeding EGP 1.850 bn as it attempts to attract Arab and foreign organizations and businessmen to invest in Sinai’s tourism sector.” the CEO confirmed

TIME Hotels CEO Mohamed Awad Allah revealed that Time Nozha Beach Hotel and Resort is expected to be inaugurated next December. The 4-star hotel comprises “52 rooms, four suits, and 14 chalets.”

“Before 2019, 33 additional units would be added to increase the capacity of the hotel, in addition to 250 rooms by 2021,” Awad Allah stated.

Situated 20 kilometers away from the soon-to-be-established Ras Sudr Airport and 165 kilometers away from Cairo International Airport, Time Nozha Beach Hotel and Resort will comprise an array of renowned restaurants and cafes, in addition to an aqua park, swimming pools, cinemas among other facilities.